The Impact of BC, PC and DC on Cincinnati Home Sales
The Impact of BC, PC and DC on Cincinnati Home Sales
Source: Photo by David McBee from Pexels
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The impact of BC -before COVID, PC -pre-COVID, and DC- during COVID- on single-family home sales in Cincinnati.
Source: Photo by David McBee from Pexels
The best way to measure the impact of COVID on the local real estate market is to compare sales. 2019 was a normal year- winter weather, low-interest rates, and not enough homes for sale. The first 2.5 months of 2020 had us on edge. Reports of spreading COVID virus. Normal winter weather, low-interest rates, and not enough homes for sale. Remember, Ohio posted a state of emergency on March 9,2020.
2021 started off with winter weather, low-interest rates, and not enough homes for sale. And like previous years the demand is really outstripping the supply-to the point where buyers are really frustrated. New homes are cropping up but with rising lumber prices affordability is disappearing for many potential home buyers.
The one constant thing in the greater Cincinnati real estate market is rising average sale prices.
Below is a chart showing single-family home sales for January 1 through March 15 in 2019, 2020, and 2021:
| 2019 Units | 2019 Avg Sale Price | 2020 Units | 2020 Avg Sale Price | 2021 Units | 2021 Avg Sale Price |
|
|---|---|---|---|---|---|---|
| Cincy MLS | 3189 | $213,519 | 3341 | $224,334 | 3607 | $258,002 |
| Colerain Twp | 73 | $141,600 | 81 | $156,498 | 94 | $180,471 |
| Mason | 60 | $351,416 | 54 | $442,629 | 63 | $433,038 |
| West Chester | 106 | $287,016 | 101 | $317,181 | 82 | $366,138 |
| Liberty Twp | 107 | $315,126 | 85 | $326,366 | 94 | $403,647 |
| Anderson Twp | 104 | $271,736 | 90 | $318,036 | 106 | $351,759 |
| Delhi Twp | 54 | $148,460 | 54 | $146,797 | 57 | $200,611 |
| Fairfield | 68 | $184,085 | 67 | $178,055 | 54 | $228,728 |
2021 is on track to be another record-breaking year with rising prices. Interest rates are creeping up but remain incredibly low compared to just a few years ago. The number one problem with the real estate market today is the lack of homes for sale. Potential sellers are terrified to list without having their next home secured. And let’s face it-not many buyers can buy without securing a sale first.
There are no fixes on the horizon. Until home prices settle or demand falls off the cliff -we’re in for a wild spring and summer housing market in Cincinnati.
